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In well-functioning markets, price equals opportunity cost. Meaning that the proper way to price out and charge us for things is to charge us what those resources could otherwise have produced. This is a lesson the Soviet Union never learned at all, and the rest is history.

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Paul Samuelson

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I’m not speaking in favor of killing innovation. I’m speaking in favor of centrist use of the market, which involves necessarily a considerable degree of regulation. Markets by themselves will get themselves inevitably into inequality and into their own destruction. It will happen again and again.

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When I was a kid, I reckoned things in Hershey bars. Is this worth three Hershey bars to me?

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May 21, 2024

When I was a kid, I reckoned things in Hershey bars. Is this worth three Hershey bars to me?

Previous

May 21, 2024

I’m not speaking in favor of killing innovation. I’m speaking in favor of centrist use of the market, which involves necessarily a considerable degree of regulation. Markets by themselves will get themselves inevitably into inequality and into their own destruction. It will happen again and again.

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